SMM Nickel: Futures Plunge, Spot Market Diverges, NPI Sentiment Mixed

Published: Jun 22, 2026 14:53

Save

[SMM Nickel Flash] As of June 22, the SMM high-grade NPI market sentiment factor stood at 2.31, down 0.05 MoM; the upstream sentiment factor for high-grade NPI was 2.72, down 0.07 MoM; and the downstream sentiment factor for high-grade NPI was 1.90, down 0.03 MoM. Today, futures plunged, but the spot market showed divergence, with bullish and bearish divergences intensifying significantly. The overall picture showed that futures dragged sentiment, spot prices remained resilient, and the bid-ask spread continued to widen.

Data Source Statement: Except for publicly available information, all other data are processed by SMM based on publicly available information, market communication, and relying on SMM's internal database model. They are for reference only and do not constitute decision-making recommendations.

For any inquiries or for more information, please contact: lemonzhao@smm.cn

For more information on how to access our research reports, please contact:service.en@smm.cn

Related News

Common.Time.hoursAgo

Data: SHFE, DCE market movement (Jun 22)

The following table shows the ferrous and nonferrous metals movement on the SHFE and DCE on 22 Jun , 2026

Common.Time.hoursAgo

Futures Drop Pressures Sentiment, High-Grade NPI Prices Remain Resilient Amid Market Volatility

[SMM Nickel Flash] June 22 – Today's sharp decline in futures brought short-term sentiment pressure, but high-grade NPI prices still showed resilience. The tug-of-war between longs and shorts in the market intensified, and short-term market conditions maintained a volatile pattern of high-level stalemate and divergent trading activity.

Common.Time.hoursAgo

[NPI Daily Review] Bull and Bear Views Polarize, NPI Buy-Sell Price Spread Widens Significantly

[SMM Daily Commentary: Bullish and Bearish Views Polarize, Nickel Iron Bid-Ask Spread Widens Significantly] Jun 22 news, SMM high-grade NPI upstream sentiment index stood at 2.72, down 0.07 MoM, while high-grade NPI downstream sentiment index was 1.9, down 0.03 MoM.

Common.Time.hoursAgo